Acquisitions | Skills and Experience
499 Seventh Avenue:
In 1997, Jon created the opportunity to purchase this 165,000 square foot office building located in Times Square South.
He assembled multiple investors and formed an equity partnership for this $19.35 million acquisition. Arranged for $14.5 million of
debt financing. Leased the building to 100% occupancy at rental rates in excess of acquisition projections by addressing tenant
needs, adding tenant services and branding the building as tenant-driven. Managed construction for over $1 million of capital
improvements. Sold the building after 4 years for $32 million. Tripled investors' equity for a 44% IRR.
In 2005, Jon identified Long Island City as an up and coming neighborhood for investment. He acquired 11-25 45th Avenue, a 12,500 SF site with an industrial building and tenant in place. After the tenant lease had expired in December 2007, Jon preserved value through the Great Recession by demolishing the existing warehouse and starting piles for a new apartment building. This action preserved a 15-year tax abatement under the 421A program. He then found a new equity partner and builder coming out of the Great Recession to complete the project and ultimately triple his equity.
Gas Station Sites:
Jon acquired 4 sites for new ground up gas stations and acquired another 6 existing stations to include in the portfolio of Hendels Inc. The ground up sites were the most valuable. From site acquisition through zoning and construction and opening, the average new site cost $2.5 million. Upon sale of the company the sites were worth $6 million each.